A Record Number of On-Time Taxpayers

Her Majesty’s Revenue and Customs (HMRC) has said that taxpayers meeting the filing deadlines on-time this year were the highest since HMRC was created.

Some 9.4 million, or 90.4 per cent of taxpayers managed to file their 2010-2011 Tax Return on time and avoid incurring late filing penalties. This compared to only 79 per cent last year.

Due to industrial action, HMRC moved the deadline to the 2nd of February, but this did not prevent the 31st of January from being the busiest online filing day. Some 445,000 returns were received this day, with 37,460 of those being filed between 4pm and 5pm – a rate of one every 6 seconds!

Exchequer Secretary to the Treasury David Gauke said:

“I’m delighted so many people filed their tax returns online this year. The record number proves that it’s quick, easy and secure to do.

1 Million Taxpayers Late

Despite the record hand-in on-time filing, the 1 million taxpayers who failed to pay do so face an automatic £100 penalty, and subsequent daily charges of £10 will start to accrue 3 months after the 2nd February deadline.

It will be interesting to see whether HMRC’s systems generate automatic penalty notices where Returns were filed on the extended deadline dates of 1st/2nd February. If so, the notices should be appealed.

As had been expected, the 2018 Spring Statement update did not include any major tax policy announcements; rather it provided a number of consultations that suggest potential legislative changes in the future. Read more about the areas set for exploration here.